Freshpet announced that Ivan Garcia, vice president of finance, will serve as interim chief financial officer effective October 17, 2025. Garcia will succeed Todd Cunfer, who is leaving the company to pursue an opportunity outside Freshpet. Cunfer will remain with the company until October 17 to support the transition.
"Ivan is well regarded by the board and leadership team for his depth of understanding of the Freshpet business model, and we are confident his leadership will ensure a smooth transition as we conduct a search for our next CFO," commented Billy Cyr, Freshpet's CEO. "Having joined Freshpet 11 years ago, Ivan has been responsible for a wide range of critical projects. His sharp financial acumen has served the Company well over the years as he continues to provide the fiscal discipline required for our high growth company."
Garcia has served as vice president of finance since July 2023. He previously held the role of vice president corporate controller from October 2020 to June 2023 and has worked in positions of increasing responsibility within Freshpet's finance department since joining the company in February 2014 as manager of financial reporting. Before Freshpet, he served as an audit manager at KPMG US. He holds a bachelor of science in accounting and business/management from Montclair State University.
Freshpet has commenced an external search for a permanent CFO with assistance from an executive search firm.
Bank of America downgrades Freshpet
On October 8, Bank of America Securities downgraded Freshpet from Buy to Neutral, reducing its price target by 26% to $60 from $81, after sales growth dropped to low double digits from more than 20% last year, reported Investing.com. The downgrade reflected weakened growth projections and growing competition in the fresh pet food category. Bank of America noted that overall pet food growth has declined during the past six months.
Bank of American analyst Peter Galbo said that while Freshpet’s valuation has significantly declined, potential upside is limited without a strong rebound in sales, reported Seeking Alpha. Although the influx of competitors affirms that frozen fresh pet food is a lasting trend, Freshpet’s topline growth has slowed from over 20% in late 2024 to low double digits.
"On behalf of Freshpet and the board of directors, I would like to sincerely thank Todd for his contributions as CFO over the past three years," Cyr said. "He has been an integral part of Freshpet's success and profitability improvement, and with a strong foundation and Ivan's leadership as Interim CFO, we remain well positioned to execute on our near and long-term growth strategy. We wish Todd the best as he pursues this exciting new career opportunity closer to home."
